Urban One, Inc. Q4 FY2025 earnings call

• Alfred C. Liggins mentioned they finished the year just inside guidance at $56.7 million of EBITDA and previously gave 2026 guidance of $70 million of EBITDA, holding back on updating until end of Q1 and next conference call as Q1 started slower with many moving parts. • Mentioned current radio pacings down about 5% but still positive, and significant improvements in cable television unit ratings. • Closed private tender exchange offer for 2028 notes, repurchased notes, extended maturities, upsized AVL credit facility

Consolidated net revenue for the three months ended December 31st, 2025 was approximately $97.8 million, down by 16.5% year over year. Net revenue for the radio broadcasting segment was $35.1 million, which was a decrease of 26.5% year over year. Excluding political, net revenue was down 10.1% year over year. Net revenue for the REACH media segment was $13.8 million in the fourth quarter, up 43.9% from the prior year. Net revenues for the digital segment were down 19.6% in the quarter at $14.7 million. We recognized approximately $34.9 million of revenue from our cable television segment during the quarter, which is a decrease of 16.8%. Adjusted EBITDA was $1.8 million compared to $2.7 million last year. Consolidated adjusted EBITDA was $15.6 million for the fourth quarter, which was down 41.8%. Operating expenses excluding certain items had changes: radio operating expenses down 17.8%, REACH operating expenses up 86.1% (excluding event expenses down 12.1%), digital operating expenses down 18.5%, cable television operating expenses down 8.3%, corporate operating expenses up approximately $4 million

• Previously gave 2026 guidance of $70 million of EBITDA. • Holding back on updating guidance until end of Q1 and next conference call as Q1 started slower and had many moving parts. • Current radio pacings down about 5% but still positive

We will now begin the question and answer session. We have no questions at this time. Mr. Liggins thanks and concludes the call.